I have talked to Chip Flowers several times in the past at various political events. He and I have made small talk, or discussed small-time political analysis. After just a few minutes with him it is easy to see that he is a pretty nice guy. However, if you spend another hour with him, a new Chip Flowers emerges. This Chip Flowers is a guy with a deep understanding of how government works and can influence economic development. This Chip Flowers is a wonk that knows his stuff inside and out.
He wants to make changes. Last week, he released his bold plan called “The Flowers Framework for Restoring Prosperity“. At first blush, it appears to be a big government plan to add an army of financial warriors to the states payroll. It isn’t. The plan is a realignment of financial services already employed by the state, but spread out and operating independently and sometimes at odds with each other. Chip has confirmed to me that there are no net new hires in his plan.
Chip starts his long-form presentation with a discussion of the Treasurer’s sparse budget and description of services performed. The services performed are meager. Of the four responsibilities listed on the Treasurer’s website, one of them is office management. Seriously.
But Chip thinks that, like the US Treasury or the Treasurers of nearby states, the Treasurer can do more. The Treasurer can server as head of a financial center of excellence, providing financial advice and services to the many departments of the state. Will an investment in a public-private venture have long-term benefits to the state of Delaware or will the company seek funding from Virginia next year and switch states? Does a huge road project by DelDOT for a specific employer need make long-term financial sense? There may be people in DEDO or DelDOT that answer these questions now, but generally only to issues within their purview. The role of the Treasurer can be more of a holistic approach to economic decisions and policies.
There are certainly some hurdles that will need to be addressed, mostly on the legislative front, to make this plan a reality. That said, Chip believes that some of the potential savings that can come from this coordinated effort will help sway the legislative process and put Delaware’s treasurer more in line with the office of Treasurer in other states.